§ 10.1-217.4. (Effective October 1, 2008) Powers of Foundation.
In order to carry out its purpose, the Foundation shall have the following powers:
1. To establish, administer, manage, including the creation of reserves, and make expenditures from the Chippokes Plantation Farm Foundation Fund hereinafter referred to as the fund, for the sole purpose of constructing the physical facilities and acquiring the necessary equipment, and whenever necessary, to maintain the continued operation and well-being of the model farm and physical facilities;
2. To request the General Assembly to authorize the creation of debt secured by a pledge of net revenues derived from rates, fees or other charges and the full faith and credit of the Commonwealth of Virginia, provided that such debt is created for specific revenue producing capital projects, including the enlargement or improvement thereof;
3. To accept, hold, administer and receive gifts and bequests of money, securities or other property of whatsoever character, absolutely or in trust, to the fund, for the purposes for which the Foundation is created;
4. To enter into contracts and agreements to accomplish the purposes of the Foundation;
5. To sublease, with the approval of the Director of the Department of Conservation and Recreation, all or any part of the Chippokes Plantation Park leased to it by the Director;
6. To establish a nonprofit corporation as an instrumentality to assist in the details of administering the affairs of the Foundation; and
7. Generally to do any and all lawful acts necessary or appropriate to carry out the purposes for which the Foundation is created.
(1977, c. 57, § 3.1-22.10; 1986, c. 390; 2008, c. 860.)
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